A Crypto Analyst Believes Bitcoin’s Parabolic Uptrend Will Lead to New All-Time Highs
A closely followed analyst believes that Bitcoin (BTC) is rapidly approaching a point in its parabolic uptrend where the value of the crypto king can skyrocket in a relatively short amount of time. According to the analyst, Bitcoin appears to be in base three of the pattern, putting BTC in a position to witness massive gains in a steep upward move.
In a new video, crypto strategist Kevin Svenson explains that Bitcoin is following a textbook parabolic curve pattern. Svenson points out that the current steepness of Bitcoin’s trajectory indicates it is entering base three, which historically leads to significant price increases. Based on the diagram in the textbook, an asset trading at this stage of a parabolic uptrend could double in price “in a very short time.” Svenson suggests that Bitcoin’s target price according to this pattern would be $90,000.
Bitcoin’s Relationship with Global Liquidity
The analyst also notes that Bitcoin tends to witness bull markets when global liquidity, or the amount of money sloshing around in the world financial system, is on the rise. Interestingly, Bitcoin is currently rising despite falling global liquidity levels, which suggests that BTC could surpass crowd expectations if liquidity starts to pick up.
Svenson highlights several factors that contribute to Bitcoin’s positive outlook:
- Bitcoin is trending up against the liquidity cycle
- The ETF (exchange-traded fund) approval
- The upcoming halving event
Considering these factors, Svenson keeps an open mind and believes that Bitcoin could reach an estimated peak value of $142,500.
Bitcoin’s Current Value
At the time of writing, Bitcoin is worth $51,429.
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Conclusion: Bitcoin’s Potential for New All-Time Highs
According to crypto analyst Kevin Svenson, Bitcoin is entering base three of its parabolic uptrend, which historically leads to significant price increases. Based on the textbook pattern, Bitcoin could double in price “in a very short time,” reaching a target price of $90,000. Additionally, Bitcoin’s positive performance despite falling global liquidity levels and various favorable factors in the market suggests that it has the potential to reach an estimated peak value of $142,500. With Bitcoin currently valued at $51,429, these projections indicate a promising future for the leading cryptocurrency.
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